Stocks retreated from their all-time highs as a handful of big techs fell and traders awaited a $22 billion sale of long-term Treasuries.

Equities struggled to gain traction after a rally that has defied every doomsday scenario on Wall Street, with the S&P 500 recently notching its longest stretch since 2018 without a drop of at least 2%. With no major economic data on Wednesday, caution prevailed ahead of a US 30-year bond offering that follows Tuesday’s lackluster auction.